EUR/USD 10 APRIL 2012

EUR/USD – follow me on twitter @fxdailyforecast and stocktwits.com/fxg

Price bounced off the B low yesterday and rallied to the 86 of the swing.

FOR TODAY:

We already have a bearish cs formation after hitting the 86 of this AB swing, if this candle closes like this we will have a sell entry. Else we can only buy lower down after hitting the BF786.

If we don’t get the cs formations we are looking for then we don’t trade.

SHORT: WILL ONLY BE GOING SHORT IF:

Price has already hit the 86 of the AB swing and we have a bearish cs formation – if we close with this bearish cs formation then we will have a sell entry. Place stop 13 pips above the cs formation, max 1% risk. Limits will be down at 3068.

If we don’t get the cs formations we are looking for then we don’t trade.

LONG: WILL ONLY BE GOING LONG TODAY IF

We get to the BF786 followed by a bullish cs formation. Place stop 10 pips below the low of the cs formation, max 1% risk. Limits for this trade will be defined at time of entry.

If we don’t get the setup we are looking for then we don’t trade.